Cowabunga System Daily Update: Wednesday, 12/11/2013

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Main Trend

Trend

Current Trend

The trend was UP the entire day until 7am EST. From 3am – 7am EST a new trend change candle formed and changed the trend from up to DOWN. After 7am EST, the trend remained down the rest of the day.

Today I only looked for long trades until 7am EST. After 7am EST I only looked for short trades.

News events to watch for today :

  • None

Today’s Surf

10:00am EST- There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry.

The entry was at the close of the candle at 1.6370 with a stop at the most recent swing high at 1.6407. Since I was 20 pips away from the nearest 50 or 00 level I decided to put my initial target at 1.6350.

Entry: Short at 1.6370 Stop: 1.6407 Target: 1.6350

10:15am EST - My target was hit. Price did not make a clean break so I took my final profit. I exited at 1.6352. (+18 pips)

Entry

Trade Result: +18 pips R-Multiple: 0.48

News events to watch for Thursday:

For a complete list of news events check out our Forex Economic Calendar.
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